If you are hospitalized due to accident or sickness, huge medical expenses that you have to bear, and the extra financial burdens due to reduction of income. The general medical insurance plan adopts the reimbursement method to cover most of the medical expenses, but it may not be able to protect the insured's loss of income due to hospitalization. So, how can Hospital Cash benefit provide additional cash compensation to be more comprehensive for existing insurance plans?
What is Hospital Cash?
Hospital Cash means that no matter the insured needs to stay in hospital due to accident or sickness, cash compensation would be provided to cover the insured's medical or daily expenses. It protects the insured's loss of income during the hospitalization and reduces their financial burden of inpatient expenditure.
How is Hospital Cash Helpful to the Insured?
For example, Mr. Chan is a self-employed taxi driver who only makes money when he has a job. Unfortunately, he had a car accident and was injured. He was hospitalized and was not able to work for 10 days. Within this period, Mr. Chan had no income but also needed to pay for the medical expenses.
If Mr. Chan has medical insurance, medical insurance reimbursement can cover most of Mr. Chan's medical expenses. However, he still needs to bear the income loss for 10 days. At that moment, Mr. Chan realized that with the help of Hospital Cash benefit, he could greatly reduce the extra financial burden caused by his inability to work due to accident or sickness.
Assume Mr. Chan had another accident afterward and he had to stay in hospital for observation and recovery for 10 more days. This time, he has already purchased personal accident insurance with "Daily Hospital Cash", with the insured amount of $1,000 per day. In this case, Mr. Chan received a total of $10,000 in Daily Hospital Cash benefit. No matter how much he spent on staying in the hospital, a private room or a public ward, a private or public hospital. He can get the compensation that he deserves based on the number of days he has stayed in the hospital.
AIG SafeGuard Daily Hospital Income Cover
AIG SafeGuard Daily Hospital Cash Cover has a "Double Cash Benefit", which can provide additional support based on the insured's situation, such as staying in an intensive care unit, requiring a long-term hospitalization, etc. The Daily Hospital Cash benefit is up to HK$1,300 per day. If the insured is diagnosed with an infectious disease, such as COVID-19, and needs to be hospitalized, the compensation is also covered by the insurance plan.